Company Registration No. SC279234 (Scotland)
LANDARK DEVELOPMENTS LTD.
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2020
PAGES FOR FILING WITH REGISTRAR
LANDARK DEVELOPMENTS LTD.
CONTENTS
Page
Balance Sheet
1
Notes to the Financial Statements
2 - 5
LANDARK DEVELOPMENTS LTD.
BALANCE SHEET
AS AT
28 FEBRUARY 2020
28 February 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Investment properties
4
-
130,000
Current assets
Debtors
5
6,548
6,691
Cash at bank and in hand
6,643
3,008
13,191
9,699
Creditors: amounts falling due within one year
6
(164,689)
(285,420)
Net current liabilities
(151,498)
(275,721)
Total assets less current liabilities
(151,498)
(145,721)
Capital and reserves
Called up share capital
7
150
150
Profit and loss reserves
(151,648)
(145,871)
Total equity
(151,498)
(145,721)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 28 February 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 26 February 2021 and are signed on its behalf by:
Mr Colin McCall
Director
Company Registration No. SC279234
LANDARK DEVELOPMENTS LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2020
- 2 -
1
Accounting policies
Company information
Landark Developments Ltd. is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
38 Beansburn, Kilmarnock, East Ayrshire, Scotland, KA3 1RL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The company has a net deficit on the balance sheet of £151,498 (2019: £145,721). However, the going concern basis of preparation is appropriate as the group companies and directors continue to support the business.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
LANDARK DEVELOPMENTS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2020
1
Accounting policies
(Continued)
- 3 -
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
-
-
LANDARK DEVELOPMENTS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2020
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2019 and 28 February 2020
550
Depreciation and impairment
At 1 March 2019 and 28 February 2020
550
Carrying amount
At 28 February 2020
-
At 28 February 2019
-
4
Investment property
2020
£
Fair value
At 1 March 2019
130,000
Disposals
(130,000)
At 28 February 2020
-
Investment property was valued on an open market basis on 24 September 2019 by J & E Shepherd Chartered Surveyors. The property was subsequently sold in February 2020.
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
864
864
Other debtors
5,572
5,624
Prepayments and accrued income
112
203
6,548
6,691
LANDARK DEVELOPMENTS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2020
- 5 -
6
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
-
193
Corporation tax
-
538
Other creditors
163,189
283,189
Accruals and deferred income
1,500
1,500
164,689
285,420
7
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
150 Ordinary of £1 each
150
150
8
Related party transactions
Claremont 6 Ltd
A company which is controlled by J.A.K. Cochrane.
There were no transactions with Claremont 6 Ltd during the year, resulting in a closing balance of £7,000 (2019: £7,000) owed by the company at the balance sheet date.
Claremont 11 Ltd
A company which is controlled by J.A.K. Cochrane.
There were no transactions with Claremont 11 Ltd during the year, resulting in a closing balance of £1,440 (2019: £1,440) owed by the company at the balance sheet date.
Daxport UK Ltd
A company which is controlled by J.A.K. Cochrane.
During the year the company repaid £120,000 of the loan due to Daxport UK Ltd, resulting in a closing balance of £154,749 (2019: £274,749) owed by the company at the balance sheet date. There is also a balance of £864 (2019: £864) within Trade Debtors due from Daxport UK Ltd at the balance sheet date.
All loans are interest free and repayable on demand.
9
Parent company
Landark Developments Ltd is a wholly owned subsidiary of Charlesfort Holdings Ltd.